LA Auto Club: Crude Oil Fears Send Local Gas Prices Soaring

LOS ANGELES--Oct. 8, 2004--Fears that political instability in Iraq and Nigeria could lead to a world petroleum shortage pushed crude oil futures above $52 per barrel last week resulting in sharp increases at Southern California gasoline pumps, according to the Automobile Club of Southern California's Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.232 a gallon, which is 11.9 cents higher than last week, 13 cents higher than last month and 32 cents above last year. In San Diego, the price is $2.266, which is 11.7 cents higher than last week, 14 cents above last month and 37 cents higher than last year. On the Central Coast, the average price is $2.377, which is up 11.3 cents from last week, nine cents higher than last month and 39 cents higher than last year. In the Inland Empire, the average price is $2.256, which is up 11.7 cents from last week, 14 cents above last month and 37 cents above last year.

"Fear is motivating the world crude market right now and until that fear is eased we'll continue to feel the effect on our gasoline prices," said Auto Club spokesperson Carol Thorp. "Conditions are right for more gasoline price increases in the coming week."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Oct. 8, 2004.

Area                          Regular  Change from     Record Price
                                        last week

Los Angeles-Long Beach         $2.232  +11.9 cents  $2.368 (5/28/2004)

Orange County                  $2.229  +11.9 cents  $2.353 (6/01/2004)

San Diego                      $2.266  +11.7 cents  $2.373 (5/26/2004)

Santa Barbara-Santa Maria-
 Lompoc                        $2.377  +11.3 cents  $2.489 (5/29/2004)

Riverside-San Bernardino       $2.256  +11.7 cents  $2.399 (6/01/2004)

Bakersfield                    $2.235   +7.5 cents  $2.383 (6/01/2004)

Las Vegas                      $2.148   +6.4 cents  $2.279 (5/26/2004)